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Dow Opens 200 Points Lower, McDonald's (MCD) Leads Early Losses
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The Dow Jones Industrial Average opened more than 200 points lower on Friday morning, adding to the previous session’s 400-point loss and bringing the index down about 3% over the past week. Investors continue to show concern about President Trump’s plans to implement new steel and aluminum tariffs, while Dow fixture McDonald’s (MCD - Free Report) sunk on the back of a cautious analyst note.
RBC Capital lowered its price target for MCD to $170 per share from $190, citing disappointing early sales from the restaurant chain’s new value menu items.
“We significantly lower our US SSS expectations due to deteriorating industry conditions and a disappointing early sales impact from the $1, $2, $3 menu,” wrote RBC analyst David Palmer.
Nevertheless, RBC Capital’s updated call still represents a nearly 10% upside from Thursday’s close, and the firm maintains its “Outperform” rating for the fast-foot behemoth.
MCD opened at $148.91 per share, down about 5%. That sluggish open made it the worst morning performer in the Dow, although the index is bleeding from many directions on Friday. Other significant losers include Boeing (BA - Free Report) , which lost about 3% in early trading, and Caterpillar (CAT - Free Report) , which shed nearly 2%.
The markets continue to react after President Trump said Thursday that the U.S. will implement tariffs on steel and aluminum imports next week, causing many investors to fear an impending trade war.
“That could really spook the market,” Chaikin Analytics CEO Marc Chaikin told CNBC. “The biggest wildcard would be a trade war and nobody should be excited for that.”
Want more market analysis from this author? Make sure to follow @Ryan_McQueeneyon Twitter!
Don’t Even Think About Buying Bitcoin Until You Read This
The most popular cryptocurrency skyrocketed last year, giving some investors the chance to bank 20X returns or even more. Those gains, however, came with serious volatility and risk. Bitcoin sank 25% or more 3 times in 2017.
Zacks’ has just released a new Special Report to help readers capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
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Dow Opens 200 Points Lower, McDonald's (MCD) Leads Early Losses
The Dow Jones Industrial Average opened more than 200 points lower on Friday morning, adding to the previous session’s 400-point loss and bringing the index down about 3% over the past week. Investors continue to show concern about President Trump’s plans to implement new steel and aluminum tariffs, while Dow fixture McDonald’s (MCD - Free Report) sunk on the back of a cautious analyst note.
RBC Capital lowered its price target for MCD to $170 per share from $190, citing disappointing early sales from the restaurant chain’s new value menu items.
“We significantly lower our US SSS expectations due to deteriorating industry conditions and a disappointing early sales impact from the $1, $2, $3 menu,” wrote RBC analyst David Palmer.
Nevertheless, RBC Capital’s updated call still represents a nearly 10% upside from Thursday’s close, and the firm maintains its “Outperform” rating for the fast-foot behemoth.
MCD opened at $148.91 per share, down about 5%. That sluggish open made it the worst morning performer in the Dow, although the index is bleeding from many directions on Friday. Other significant losers include Boeing (BA - Free Report) , which lost about 3% in early trading, and Caterpillar (CAT - Free Report) , which shed nearly 2%.
The markets continue to react after President Trump said Thursday that the U.S. will implement tariffs on steel and aluminum imports next week, causing many investors to fear an impending trade war.
“That could really spook the market,” Chaikin Analytics CEO Marc Chaikin told CNBC. “The biggest wildcard would be a trade war and nobody should be excited for that.”
Want more market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
Don’t Even Think About Buying Bitcoin Until You Read This
The most popular cryptocurrency skyrocketed last year, giving some investors the chance to bank 20X returns or even more. Those gains, however, came with serious volatility and risk. Bitcoin sank 25% or more 3 times in 2017.
Zacks’ has just released a new Special Report to help readers capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 4 crypto-related stocks now >>